Pharmaceutical giant AstraZeneca PLC reported better-than-expected second-quarter core earnings per share on Monday, driven by strong growth in its oncology and rare disease segments, while reaffirming its target of reaching $80 billion in annual revenue by 2030.

The company's second-quarter core earnings per share came in at $2.63, exceeding the consensus market estimate of $2.48. Total revenue for the quarter reached $15.38 billion, a 5% increase year-over-year, which was largely in line with market expectations. For the first half of the year, total revenue amounted to $30.67 billion, up 6% on a constant currency basis.

The primary growth drivers were the oncology and rare disease divisions, which posted sales increases of 15% and 8%, respectively, in the second quarter. Other segments underperformed due to generic competition and policy changes. Additionally, the U.S. market faced headwinds from the patent expiration of Farxiga (dapagliflozin).

Despite recent setbacks in clinical trials, such as the one for Wainua, AstraZeneca PLC remains optimistic about its long-term prospects. The company maintained its 2026 financial guidance, projecting mid-to-high single-digit total revenue growth and low double-digit core earnings per share growth for the full year.

AstraZeneca PLC CEO Pascal Soriot reiterated the ambitious goal of $80 billion in total revenue by 2030, stating, "We have the scientific capabilities, pipeline, and team to achieve this target." The company is actively advancing the development of its oral GLP-1 candidate, elecoglipron, having initiated six Phase III trials for obesity and type 2 diabetes in the second quarter.

Furthermore, the expected peak sales for the experimental respiratory drug tozorakimab have been revised upward from a previous estimate of $3 billion to over $5 billion. The company anticipates releasing more than 20 high-value clinical data readouts over the next 18 months.